Petters Group in bankruptcy
From Times Wire Services
Investment firm Petters Group Worldwide, owner of a variety of businesses including bankrupt Sun Country Airlines Inc., filed for bankruptcy protection after FBI agents raided its headquarters last month in a $2-billion fraud probe and its assets were frozen.
Douglas A. Kelley, the court-appointed receiver who is now running Minnetonka, Minn.-based Petters, signed the Chapter 11 filing, made Saturday. Founder Tom Petters, accused by U.S. prosecutors of masterminding a fraud at the company, was ordered held without bail by a federal judge Wednesday.
